Credit & Bankrupcty

 a more flexible form of finance that allows you to access the amount of money loaned, according to your needs at any given time.

• Open-Ended Credit.

• Closed-ended Credit.

• Credit.

• Contract.

the formal process that allows debtors and creditors to resolve the problem of the debtor’s financial shortcomings through a reorganization plan.

• Ch. 11 Bankruptcy

• Lien

• Ch. 13 Bankruptcy

• Ch. 7 Bankruptcy

an individual status that through liquidation eliminates most types of debt and stays on a person’s credit report for ten years.

• Ch. 13 Bankruptcy

• Lien

• Ch.7 Bankruptcy

• Ch. 11 Bankruptcy

permits debtors with regular incomes to pay all or a portion of their

debts under the protection and supervision of the court.

• Ch. 13 Bankruptcy

• Ch. 11 Bankruptcy

• Lien

• Ch. 7 Bankruptcy

a right to keep possession of property belonging to another person until a debt owed by that person is discharged.

• Ch. 7 Bankruptcy

• Lien

• Ch. 13 Bankruptcy

• Ch. 11 Bankruptcy

a legal procedure requiring a portion of the debtor’s pay to be set aside by the person’s employer to pay creditors.

• Garnishment.

• Financial Personality.

• 20/10 Rule.

• Repossession.

a combination of an individual’s attitudes about money and spending patterns.

• Foreclosure.

• Garnishment.

• Financial Personality.

• Debt.

states that an individual should never borrow more than 20 percent of his or her annual take-home pay.

• Garnishment

• 20/10 Rule

• Debt

• Financial Personality

taking collateral when a borrower fails to repay a loan.

• 20/10 Rule.

• Financial Personality.

• Garnishment.

• Repossession.

the forced sale of property.

• Foreclosure.

• Alimony.

• Credit Counseling Service.

• Collection Agency.